Interested in 2/3/4 plex in Spokane

[Manju Nat]

Hi BP Fam,

Hope you're well! I'm interested in purchasing a 2/3/4 flex with conventional financing this winter. My budget is ~$400k, any neighborhoods that I should focus on with this budget? I saw a decent cash flowing property in 99207, is this a decent neighborhood? I know Spokane has seen a huge growth during the pandemic but what do you think of rental and appreciation potential post-pandemic? And lastly, any multifamily specific real estate agents you recommend in Spokane area?

Thanks!

[Shelli Nemec]

I’m very concerned about the enthusiasm I’m seeing to keep pushing rent up (including pet rent) when Spokane hasn’t exactly had an economic boom. The people who live here, who rent, are hardly the same financial class as those coming in and driving up prices. My neighbor is 72 and had to go back to work pushing a broom at Safeway full time to afford the increase on the home she’s rented for 9 years. The homeless explosion is coming as is rent control if this keeps going.